Last month, the governor had held meeting with top officials of public and private sector banks to discuss rate transmission and persuade them to pass on the benefit of lower interest rates to the consumers.

"Jaitley has promised that as the revenue collections from GST go up over a period of time, he will rationalise the taxes for the rest of the corporate sector over the next few years," Ficci President Sandip Somany said.

"The DIPAM is proposing to set up an 'asset monetisation cell' which will coordinate non-core asset sale of CPSEs with the concerned company and the ministry. It will also appoint transaction advisors and valuers for the assets which are proposed to be sold," an official told PTI.

Of the total 21 state-owned banks, 11 were put under the PCA framework by the RBI last year. Five banks -- Allahabad Bank, Corporation Bank, Bank of India, Bank of Maharashtra and Oriental Bank of Commerce -- have been removed from the framework this month.

"In order to make them (banks) sound, whether it is legislative steps or important steps like creating healthy large banks, which can be globally competitive, the government is also gradually following the policy of amalgamation...," Jaitley said at an Indian Banks' Association (IBA) event.

The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, earlier this week decided to cut tax rates on under-construction apartments and affordable housing to five per cent and one per cent, respectively.